Unlearnt lessons: On India’s inadequate strategic petroleum and gas reserves - The Hindu

The article highlights India's significant vulnerability due to inadequate strategic petroleum and gas reserves, which has been exposed by recent retail fuel price hikes, high crude prices, rupee depreciation, and inflation. It compares India's strategic petroleum reserve (SPR) of 36.7-39 million barrels (covering about 7 days of consumption, or 70+ days with commercial inventories) with much larger reserves held by the U.S. (714 million barrels) and China (900 million barrels). India's exposure is even greater in liquefied petroleum gas (LPG) and liquefied natural gas (LNG), lacking sufficient storage and relying heavily on regasification facilities. The article argues that larger reserves would enable India to hedge against supply disruptions and spot market spikes, similar to advanced economies and China, thereby enhancing its strategic autonomy and economic stability.